Wall Street closes lower as financials weigh

Eren Sengezer FXStreet

U.S. stocks closed lower on Friday as they couldn't draw inspiration from European stocks, which wrapped up the week at 15-month high amid the relaxation over the Dutch election outcome.

Cautious tone of the Federal Reserve continue to be a drag on financials. Major banks such as Wells Fargo and Bank of America recorded heavy losses on Friday, dragging the S&P 500 financial sector, .SPSY, down more than 1%. However, the technology sector, .SPLRCT, helped the S&P 500 find support, led by Adobe Systems Inc which reported better-than-expected quarterly revenue and profit.

The Dow Jones Industrial Average was down 19.93 points, at 20,914.62 and the S&P 500 dropped 4.5 points, or 0.17% percent, at 2,364.75, whlile the tech-heavy Nasdaq was flat at 5,901.00.

Headlines from the US session:

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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